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WINNIPEG - February sales of 724 show a 6% increase over February 2018 and a 10% rise in dollar volume at over $215 million. 1,447 new listings were added to the market in February which resulted in 3,735 active listings available for sale at the end of February. This healthy supply of listings represents a 10% increase over last year.

Year-to-date sales are up 8% over the same period in 2018 and 3% over the 5-year average. They are only 2% behind the record- setting pace of 2016.

“We have now had two back to back months of improvement in sales and listing gains over 2018,” said Kenneth Clark, president of WinnipegREALTORS®. “While early in the year and a cold one at that, it does show buyers are making necessary adjustments to mortgage regulation rules to complete a transaction. Some of the increase in listings, most notable in January with a 19% increase in new listings coming on the market, is that sellers are feeling more confident about taking their next step in the local housing market.”

Helping set the stage in 2019 for continued recovery from a slow start in 2018 is the fact mortgage rates are remaining historically low with no expectation of another interest rate increase in the next few months and possibly later in the year. Affordable prices remain intact with more than half of all condo sales in February selling for under $200,000 and nearly half of single family homes selling for under $300,000.

A highlight of February was the strength of residential -detached or single family home sales happening outside the city of Winnipeg. The 152 sales represented 30% of the total amount sold in February. While the Steinbach MLS® area led the way with 28 sales, it is worth noting WinnipegREALTORS® has recently welcomed rural real estate offices to its membership from Winkler, Gimli and Lac du Bonnet.

Single family home sales of 505 increased 6.5% in February when compared to February 2018. Condominium sales were up as well with 107 sales, a 5% increase over February 2018 and 10% greater than the 5-year average of 97 sales.

Other MLS® property types which outperformed February 2018 with double-digit percentage increases were commercial, single- attached and duplexes. The 34 single-attached sales represented close to 5% of total MLS® sales in February where residential-detached and condominium sales captured 70% and 15% respectively.

Looking ahead to March, all three levels of government are releasing their annual budgets. The City of Winnipeg unveiled their operating and capital budget on March 1, 2019 with a proposed 2.33% property tax increase. The provincial budget comes down on March 7th while the federal government will release theirs on March 19th.

Noteworthy this year is there has been a strong push from the real estate industry to urge the federal government to provide relief to millennials who were disproportionately affected last year by the mortgage stress test.

Federal Finance Minister Bill Morneau has already acknowledged this reality and has indicated he is looking to provide young homebuyers with better means to own a home. A national survey conducted last year by Abacus Research for the Canadian Real Estate Association (CREA) on housing affordability showed 85 per cent of millennials and new Canadians want to own their own homes. CREA CEO Michael Bourque says, “The idea of renting for life does not appeal to either group.”

“The combination of a wide choice of affordable properties to purchase in our local market gives us an advantage over more expensive housing markets in the country,” said Clark. “However our first-time buyer market in 2018 did experience a noticeable drop off in sales activity so any relief from the federal government’s budget would be welcome here too.”

“Our REALTORS® are professional and informed,” said Marina R. James, CEO of WinnipegREALTORS®. “They make it their business to keep on top of any new developments that affect the housing market.”

Since 1903, WinnipegREALTORS® has assisted its members in achieving high levels of excellence in organized real estate by providing superior tools and services that enhance and build a vibrant real estate industry. Representing over 1,950 REALTORS® and other industry related professions active in the Winnipeg metropolitan area, WinnipegREALTORS® promotes the value of a REALTOR® and organized real estate. WinnipegREALTORS® provides its members with essential market information, professional development sessions, networking opportunities, marketing products, an effective industry voice and strong leadership to further their professional success.

The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA.

A record start to 2019

WINNIPEG - January MLS® sales of 634 increased 11% over the same month last year and 8% over the 5-year average for January. Dollar volume rose 12% to $175 million. The 1,783 new listings entered on the MLS® in January also resulted in a double-digit gain of 19% compared to January 2018.

“This is the best start on record for January in our local real estate market,” said Kenneth Clark, president of WinnipegREALTORS®. “However, as they say, one month does not make a year so we remain cautiously optimistic.”

On a positive note, mortgage rates are remaining historically low with the Bank of Canada signaling a wait and see approach on any interest rate increases this year. Buyers have also had over a year to adjust to the B-20 mortgage regulation rules which came into effect January 1, 2018.

“The noticeable bump up in new listings includes some of those move–up buyers last year that decided to remain on the sidelines to figure out what they could afford to buy based on the new mortgage regulations,” said Clark. “Helping make it easier for them to enter our housing market this year is a combination of a healthy supply of available listings to choose from at affordable prices.”

No better example of affordable prices came by way of the condo sales activity in January 2019. In what is more the exception than the rule in our local market, there were 34 sales under $150,000 compared to 12 in January 2018. A number of these units sold for as low as $31,500 with total square footage of less than 500 square feet. 56% of total condo sales went for less than $200,000.

No better example of affordable prices came by way of the condo sales activity in January 2019. In what is more the exception than the rule in our local market, there were 34 sales under $150,000 compared to 12 in January 2018. A number of these units sold for as low as $31,500 with total square footage of less than 500 square feet. 56% of total condo sales went for less than $200,000.

For comparison purposes, 22% of residential-detached or single family homes sold for less than $200,000. On the other end of the price spectrum, the highest-priced single family home sold for $910,000 while a condominium sold for $832,229.

WinnipegREALTORS® just held its annual forecast breakfast and indicated that sales should outpace 2018 while prices will remain stable. The condo property type in particular is experiencing an elevated supply of listings going into 2019, so will be one to watch closely.

“Knowing which questions to ask with a myriad of terms and conditions to consider, is best left to a REALTOR®- an experienced negotiator who is objective about the buying process,” said Marina R. James, CEO of WinnipegREALTORS®. “Our REALTORS® are there to serve your interest in achieving the best outcome for you.”

Since 1903, WinnipegREALTORS® has assisted its members in achieving high levels of excellence in organized real estate by providing superior tools and services that enhance and build a vibrant real estate industry. Representing over 1,950 REALTORS® and other industry related professions active in the Winnipeg metropolitan area, WinnipegREALTORS® promotes the value of a REALTOR® and organized real estate. WinnipegREALTORS® provides its members with essential market information, professional development sessions, networking opportunities, marketing products, an effective industry voice and strong leadership to further their professional success.

The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA.

Home values remain consistent in 2018

WINNIPEG -In comparison to a near record year in 2017, 2018 held its own with sales down 5% from 2017 and 6% from the best year on record in 2016. Sales of 12,773 are down less than 3% from the five – year average and 1% lower than the 10-year average.

Annual dollar volume on the other hand of $3.77 billion decreased less than 4% from 2017 and is up nearly 3% from the five-year average.

The 23,834 listings entered on the MLS® in 2018 rose 2% over 2017. There are 3,235 listings available for sale at the end of 2018.

“Keeping things in perspective, with some of the headwinds we faced in 2018 with higher interest rates and more stringent mortgage qualification requirements, it should be no surprise that 2018 fell short of our best years on record,” said Chris Dudeck, outgoing president of WinnipegREALTORS®. “Simply put, we believe fewer buyers were able to qualify and successfully complete a purchase they wished to make in 2018.”

Dudeck added, “I see 2018 as more policy-induced retraction, albeit a modest one, than changes in key market factors from 2017.” Market metrics are closely aligned between the two years. For example, in terms of achieving a total sales price dollar value ratio close to total list price dollar value in 2018 for single family homes which sold, the annual ratio compares very favourably – 98.48% versus 98.59% in 2017. Another metric to note is average days to sell a home or condo in 2018 only took one day longer than 2017.”

Sales transacted in both single-family homes and condominiums were only one day off the number of days on average it took to sell them in 2017. One of the main reasons the WinnipegREALTORS® market region was less affected in comparison to some other housing markets is its favourable housing affordability.

The December 2018 RBC Housing Trends and Affordability Report indicates “ownership costs remain well under control”. The measure of 31% for the third quarter (the percentage of median pre-tax household income required to service the cost of mortgage payments, property taxes and utilities based on the average market price of the aggregate of all housing types) is very close to the long-run average of 29.5%. The RBC Report states: “The slowdown in activity in 2018 has been orderly with demand and supply remaining in balance overall, although the condo segment showed more visible signs of weakness.”

Speaking of prices, the average residential-detached or single family home sales price in 2018 was $321,945, a very modest increase of 2% over 2017.

The chart below shows how each of the geographic areas within Winnipeg performed with respect to their average home sales price as well as the area representing rural municipalities. All areas saw slight increases over 2017 with the exception of the southeast area where its price equaled last year’s result.

Two MLS® areas least impacted by buyer challenges were the southwest zone of Winnipeg and the rural municipalities surrounding Winnipeg. The former saw sales decline under 1%, while the latter rural zone decreased 1% in comparison to sales generated in 2017. The rural zone continues to represent the highest percentage of sales of all MLS® areas at over 26%.

Over half of the residential-detached sales in 2018 occurred under $300,000 with another 28% selling from $300,000 to $399,999. The 9,287 sales represented nearly $3 billion in dollar volume with the most expensive home selling for $2.6 million.

Nearly 90 % of all condominium sales in 2018 were under $350,000 with the $150,000 to $199,999 price range the most active with 27% of total condominium sales. There were 1,638 transactions worth $391 million. The highest-priced condominium sold for $1,200,000.

“I am proud of how our REALTOR® members worked so hard this past year to meet both buyer and seller expectations given that were more financing issues to overcome.” said Marina R. James, CEO of WinnipegREALTORS®. REALTORS® operate in an ever-changing real estate industry and continually update their knowledge so their clients are supported through the buying and selling process.”

On February 6, WinnipegREALTORS® is proud to be hosting its Annual Forecast Breakfast. This high impact event provides more insights and details on what is happening in the local housing and commercial market with a look ahead to 2019.

Could a 2019 federal election set the stage for some much needed support for millennial buyers? Keynote speaker Benjamin Tal, deputy-chief economist of CIBC World Markets, is back by popular demand and will not disappoint.

Since 1903, WinnipegREALTORS® has assisted its members in achieving high levels of excellence in organized real estate by providing superior tools and services that enhance and build a vibrant real estate industry. Representing over 1,950 REALTORS® and other industry related professions active in the Winnipeg metropolitan area, WinnipegREALTORS® promotes the value of a REALTOR® and organized real estate. WinnipegREALTORS® provides its members with essential market information, professional development sessions, networking opportunities, marketing products, an effective industry voice and strong leadership to further their professional success.

The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA.

November holds firm for this time of year

WINNIPEG -November MLS® sales of 864 are right in line with expected sales generated for this month. Sales decreased less than 2% from November 2017 and below 1% from the 5-year November average. This now makes for two months in a row of solid sales for the fourth quarter and this time of year.

“Buyers and sellers are making the adjustments necessary to complete sales and end the month off on a positive note,” said Chris Dudeck. “We have reason to remain optimistic that December will finish off strong and conclude a year where sales have moderated from the busiest years on record in 2016 and 2017.”

Year-to-date sales of 12,235 are down 5% from the same period in 2017 while dollar volume of $3.6 billion decreased 3% from 2017. Sales are closely aligned with the three previous years to 2016 which is WinnipegREALTORS® best year on record at 13, 632 sales.

To reaffirm and dispel any notion that the real estate market is not a year round activity, new listings in November at 1,400 increased 8% over November 2017.

“While some get caught up in holiday shopping with retail outlets teeming with foot traffic, there are many more shoppers looking at our real estate offerings in the MLS® market,” said Dudeck. “There are over 4,000 listings to choose from as we head into the last month of the year.”

In November, while residential-detached or single family home sales of 610 were down ever so modestly at less than 2% or just 11 sales. Condominiums had one of its best Novembers on record at 122 sales, a 10% increase over November 2017.

Price range sales activity in November for these two main property types shows how both compared to large housing markets in the country are more affordable and within the local market how condominiums offer less expensive options for buyers.

For residential-detached sales, all price ranges from $150,000 to $399,999 were in double-digit percentages with the $250,000 to $299,999 highest at 19%. Together they captured 70% of total residential-detached sales.

On the other hand, condominium price ranges which were all in double-digit percentages went from $100,000 to $299,999 with the $200,000 to $249,999 price range most active at 26%. They represented 81% of total sales.

In terms of how long it took on average to sell these properties in November, residential-detached properties was 38 days, one week quicker than condominiums. The highest home and condominium sale prices were $1,600,000 and $644,255 respectively.

“Taking stock of your year should include reaching out to your REALTOR® to ascertain where you are as a homeowner or one looking to buy in the next year,” said Marina R. James, CEO of WinnipegREALTORS®. “REALTORS® know the market and can advise you accordingly.”

Since 1903, WinnipegREALTORS® has assisted its members in achieving high levels of excellence in organized real estate by providing superior tools and services that enhance and build a vibrant real estate industry. Representing over 1,900 REALTORS® and other industry related professions active in the Winnipeg metropolitan area, WinnipegREALTORS® promotes the value of a REALTOR® and organized real estate. WinnipegREALTORS® provides its members with essential market information, professional development sessions, networking opportunities, marketing products, an effective industry voice and strong leadership to further their professional success.

The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA.

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June shows signs of improvement in comparison to 2017

WINNIPEG -June sales activity outperformed May this year and usually it is the other way around. This helps explain adjustments that are going on within the local market to account for more stringent mortgage qualifications based on higher interest rates and the federal stress test.

June sales of 1,547 decreased 5% over June 2017 and 1% over the 5-year average for this month. Listing activity for June increased 1% over the same month last year while the current inventory of 5,206 at month end was up 6%.

June dollar volume of $473 million is down 3% over June 2017 and ahead of all other previous months of June including the best June on record in 2016 of 1,638 sales.

Year-to-date sales activity for the first six months is down 7% in comparison to the same period in 2017 and 2016 but off only 2% from the 5-year average. Year-to- date dollar volume of close to $2 billion dipped 2% from the same period last year and 1% from the record- setting year of 2016.

“There is no question the federal stress test is suppressing our local market this year,” said Chris Dudeck, president of WinnipegREALTORS®. “However the impact is concentrated far more on the first-time buyers’ market and some buyers looking to move up and purchase their second property.”

In June alone, residential-detached sales under $300,000 decreased 19% over June 2017 while sales over $300,000 showed a 4% gain.

The same can be said for condominiums where very active sales areas like Osborne Village are seeing a noticeable drop in sales for the first six months this year compared to the same period in 2017.

Another indicator of less sales activity in the first half of this year is when you observe the percentage of listings entered on the market that have been sold. Residential-detached listings had a drop in percentage of listings sold from 61% to 56% while condominiums has gone from 44% of listings sold in 2017 to 40% this year.

As for the properties which are selling this year, average days to sell is slightly better with the average days to sell a residential-detached property at 27 days instead of 28 in 2017. Similarly, the average days to sell a condo is one day quicker in 2018 at 42 days.

There are some clear differences however between residential-detached and condominiums at the half-way point this year. They include listings selling for above list price, the average year-to-date sales price and supply of listings available for sale.

The supply of condo listings relative to monthly demand is over five and one-half months whereas residential-detached is less than two and one-half months.

The number of residential-detached listings selling for above list price for the first six months is 25% while for condominiums it is 9%. The average year-to-date residential –detached sales price is $325,314, a 2% increase over the same period in 2017. For condominiums, its year-to-date average sales price is $240,873, a decrease of less than 1% in comparison to 2017.

Speaking of average sale prices, the chart below shows how the various MLS® zones within Winnipeg and the rural one outside the city are doing this year in comparison to 2017.

Other than the southeast MLS® zone of Winnipeg, where the average residential-detached sales price dropped from $366,288 in 2017 to $359,876 this year, all other zones showed increases with the northeast zone up the most from $248,968 to $287,841.

“When looking at 2018 you cannot understate the fact it is up against the best sales years on record in 2016 and 2017,” said Dudeck. “Considering buyers are being sidelined in many Canadian housing markets to a much greater extent than in Winnipeg , we should remain positive about our results.”

He added, “I cannot stress enough our more affordable housing prices with a wide selection of property types to choose from creates favourable conditions for buyers to purchase a property going into the second half of 2018.”

”All markets across Canada are not the same and vary even within a local market,” said Marina R. James, CEO of WinnipegREALTORS®. “You need to be calling your REALTOR® who has the knowledge and expertise to interpret what your needs are with respect to the current market.”

Since 1903, WinnipegREALTORS® has assisted its members in achieving high levels of excellence in organized real estate by providing superior tools and services that enhance and build a vibrant real estate industry. Representing over 1,900 REALTORS® and other industry related professions active in the Winnipeg metropolitan area, WinnipegREALTORS® promotes the value of a REALTOR® and organized real estate. WinnipegREALTORS® provides its members with essential market information, professional development sessions, networking opportunities, marketing products, an effective industry voice and strong leadership to further their professional success.

The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA.

May sales decrease 11% from best month ever in May 2017

WINNIPEG -May sales were down from the best May and month on record in 2017 when close to 1,700 transactions were processed on WinnipegREALTORS® MLS®. The 1,510 sales recorded in May 2018 decreased 11% from the same month last year and are down 4% from May’s 5-year average sales numbers and 1% from the 10-year average. Dollar volume of $458.4 million decreased 8% from May 2017.

New listings coming on the market in May decreased less than 2% while inventory at the end of the month increased 3% to 5,103 listings. When broken down into the two main property types of residential-detached and condominiums, inventory sits at 2,750 and 973 respectively. If no new listings were to come on the market this inventory would run out in roughly two and one-half months for residential-detached properties and five months for condominiums.

“While you cannot hit home runs every year, there are some headwinds facing the market this May that were not in play last year, “said Chris Dudeck, president of WinnipegREALTORS®. “Higher lending rates in tandem with more stringent mortgage qualifying requirements are dampening demand even in our more affordable housing market. There was also a pull-forward in the spring of 2017 of new residential-detached, condominiums, single-attached and town house property type sales to avoid paying City of Winnipeg impact fees.”

Year-to-date sales of 5,021 are down less than 8% from the two busiest years on record in 2016 and 2017 but slightly ahead of the previous three years from 2013 to 2015. Dollar volume of $1.488 billion is 6% off last year’s $1.58 billion total.

Despite some slowdown in market activity in May and year-to-date, there are positive indicators to report on in May.

Average days to sell in May for residential-detached and condominiums properties were less than four and five weeks respectively. Sales of homes in the $300,000 to $349,999 price range were particularly fast-paced with average days to sell of only 16 days. Condominiums, predominantly new units, sold on average in 17 days in the $350,000 to $399,999 price range.

The average sales price in May in comparison to May 2017 was up modestly too for both residential-detached and condominiums.

An indicator of demand outstripping supply for residential-detached sales for certain MLS® areas was the number of homes selling for above list price reached 28%, a 2 percentage point increase from May 2017.

This reality is borne out by a number of neighbourhoods dispersed throughout Winnipeg which had sales numbers exceeding the number of listings remaining for sale at the end of the month. The same situation does not exist for condominiums with just 9% of condominiums in May selling for above list price. There is a healthy supply of condominium listings available to choose from throughout the Winnipeg Metropolitan Region.

The overall absorption rate for MLS® listings going into June is less than 3 and one-half months however one area to watch for is the build-up in condominium inventory. Condominium inventory is up 10% from last year at close to 1,000 listings.

“Given how there has been more time for both mortgage lenders and buyers to adjust to the new mortgage rule requirements including an modest increase in the Bank of Canada’s five-year benchmark rate, I am hopeful June may be a catch up month and will usher in improved performance in sales activity,” said Dudeck. “It would not surprise me to see June edge out May in sales this year.”

“ A professional REALTOR® is who you should be calling to find out what is your best recourse in terms of what you need to do in navigating our current real estate market”, said Marina R. James, CEO of WinnipegREALTORS®.

Since 1903, WinnipegREALTORS® has assisted its members in achieving high levels of excellence in organized real estate by providing superior tools and services that enhance and build a vibrant real estate industry. Representing over 1,900 REALTORS® and other industry related professions active in the Winnipeg metropolitan area, WinnipegREALTORS® promotes the value of a REALTOR® and organized real estate. WinnipegREALTORS® provides its members with essential market information, professional development sessions, networking opportunities, marketing products, an effective industry voice and strong leadership to further their professional success.

The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA.

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April MLS® Sales Fall Off First Quarter Pace

WINNIPEG - After a solid first quarter of MLS® sales activity, April sales were more subdued. Unit sales of 1,300 were down 5% from a record April in 2016 but still up 2% over the 10-year average for this month.

MLS® dollar volume decreased 1% in April however for the first four months is up 2% to $1.08 billion. New MLS® listings in April fell 5% while the inventory or active listings at the end of April is down 7%.

The percentage of new listings being converted to sales is in line with April 2016 when the equivalent of over 53% of the 2,439 listings entered on the MLS® in April were sold.

The drop off in sales activity compared to April 2016 was most noticeable in the first-time buyer market segment. WinnipegREALTORS® has identified a concern regarding the new stress test on insured mortgages and its impact on buyer qualification.

For residential-detached properties under $300,000 there was a 15% decrease in sales activity in comparison to last April. On the other hand upper price ranges in residential-detached outperformed April 2016.

There was also a decline in condominium sales in the price ranges from $150,000 to $249,999.

“April is the kickoff to our spring market and first-time buyers are a driving force to generating sales activity,” said Blair Sonnichsen, president of WinnipegREALTORS®. “We are now learning first-hand how tougher mortgage qualifications and higher insurance fees are making it more difficult for this buyer segment to purchase a home.”

Another new development this year which helped propel higher end sales was the City of Winnipeg’s impact fee which came into effect on May 1, 2017. There have already been 15 sales of homes valued over $1 million and six of those are new or to be built homes in the Waverley West MLS® area. It is clear buyers are advancing their plans to commit earlier this year to avoid paying the impact fee ($500 for every 100 square feet).

It is also apparent from examining April sales activity that vacant lots in rural municipalities benefited from the onset of higher fees in Winnipeg as there was a jump of 27% in vacant lot sales from April 2016. The vast majority of those are located outside Winnipeg.

“Demand remains strong for MLS® listings,” said Sonnichsen. “The average days to sell for residential-detached and condominiums was better than last year’s record-setting April.”

In terms of residential-detached sales activity while the most active price range remained from $250,000 to $299,999 at 20% the next busiest from $300,000 to $349,999 was not far off at 16%.

The average days to sell a home in April was 25 days, one day quicker than the record-setting April 2016. The sales- to -list price ratio in April was 99.19%, an improvement from the 98.59% in April 2016.

Condominium sales continue to be most active in the $150,000 to $199,999 price range which represented 30% of total sales. Next busiest at 16% was the $200,000 to $249,999 price range. Average days to sell a condo in April was 40 days, one day quicker than April 2016.

“In an ever-changing real estate industry with new technology, regulations and market conditions, you need to be contacting a REALTOR® who can provide you with their professional advice and market expertise,” said Marina James, CEO of WinnipegREALTORS®.

Established in 1903, WinnipegREALTORS® is a professional association representing just over 1,850 real estate brokers, salespeople, appraisers, and financial members active in the Greater Winnipeg Area real estate market. Its REALTOR® members adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service® (MLS®) designed exclusively for REALTORS®. WinnipegREALTORS® serves its members by promoting the benefits of an organized real estate profession.

The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA.

Residential fires take their toll every day, every year, in lost lives, injuries, and destroyed property. But many conditions that cause house fires can be avoided or prevented by homeowners. Taking the time for some simple precautions, preventive inspections, and concrete planning can help prevent fire in the home – and can save property and lives should disaster strike.

Check holiday lights for fraying or broken wires and plugs. Follow the manufacturer’s guidelines as to how many multiple strands can be joined together, as a fire hazard could result from overload. Enjoy indoor holiday lighting only while someone is home, and turn them off before going to bed at night.

Candles add a welcoming, festive feeling, and need to be placed in stable holders and located away from curtains, drafts, pets, and children. Never leave burning candles unattended, even for a short time.

Keep live Christmas trees in a water-filled stand and check daily for dehydration. Needles should not easily break off a freshly-cut tree. Brown needles or lots of fallen needles indicate a dangerously dried-out tree which should be discarded immediately. Always use nonflammable decorations in the home, and never use lights, even LED types, on a dried-out tree.

Electrical devices including lamps, appliances, and electronics should be checked for frayed cords, loose or broken plugs, and exposed wiring. Never run electrical wires, including extension cords, under carpet or rugs even temporarily as this creates a fire hazard.

Fireplaces should be checked by a professional chimney sweep each year and cleaned if necessary to prevent a dangerous buildup of creosote, which can cause a flash fire in the chimney. Cracks in masonry chimneys should be repaired, and spark arresters inspected to ensure they are in good condition and free of debris.

When using space heaters, keep them away from beds and bedding, curtains, papers – anything flammable. Always follow the manufacturer’s instructions for use. Space heaters should not be left unattended or where a child or pet could knock them over.

Use smoke detectors with fresh batteries unless they are hard-wired to your home’s electrical system. Smoke detectors should be installed high on walls or on ceilings on every level of the home, inside each bedroom, and outside every sleeping area. Statistics show that nearly 60% of home fire fatalities occur in homes without working smoke alarms. Most municipalities now require the use of working smoke detectors in both single and multi-family residences.

Children should not have access to or be allowed to play with matches, lighters, or candles. Flammable materials such as gasoline, kerosene, or propane should always be stored outside of and away from the house.

Kitchen fires know no season. According to the U.S. National Fire Protection Association, 47% of reported home fires between 2011 and 2015 were caused by cooking. Grease spills, items left unattended on the stove or in the oven, and food left in toasters or toaster ovens can catch fire quickly. Don’t wear loose fitting clothing, especially with long sleeves, around the stove. Handles of pots and pans should be turned away from the front of the stove to prevent accidental contact. Keep an all-purpose fire extinguisher within easy reach. Extinguishers specifically formulated for grease and cooking fuel fires are widely available and can supplement an all-purpose extinguisher.

Have an escape plan. This is one of the most important measures to prevent death in a fire. Visit ready.gov for detailed information on how to make a plan. Local fire departments can also provide recommendations on escape planning and preparedness. In addition, all family members should know how to dial 911 in case of a fire or other emergency.

We wish you and your clients a happy and safe holiday season!

October sales fall back like daylight savings time

WINNIPEG - October salesdecreased 10% from October 2016 and were off 4% from the 10-year October average. The drop in sales activity was largely predominant in the residential-detached and condominium property types selling for under $300,000.

The sales decrease in part, was the result of being up against increased sales activity in early October 2016 because home buyers then wanted to maximize their buying power before the October 17th stress test came into effect on insured mortgages. The new qualification requirement meant applicants had to qualify for the five- year fixed term Bank of Canada rate of 4.64 per cent.

October sales of 1,023 pushed year-to-date sales over 12,000 – only the second time this has happened and just 1% off last year’s record-setting pace of over 12,100 sales. Year-to-date dollar volume is the highest it has ever been at nearly $3.5 billion, up over 3% from 2016. Based on slower sales and dollar volume activity in the last two months of the year dollar volume, will not reach the $4 billion benchmark level but another annual dollar volume record will be set.

“October sales results clearly showed how government intervention in to the real estate market has affected it”, said Blair Sonnichsen, president of WinnipegREALTORS®. “The first-time buyer market for residential-detached properties has been softer this year and conversely more affordable property types such as single attached and townhouses have performed better.”

Both single-attached and townhouse sales this year are well ahead of 2016 with percentage increases of 10% and 23% respectively. Residential-detached sales are down 2% for the first 10 months.

One offsetting factor to mitigate a higher percentage decline in residential-detached sales in 2017 compared to last year, as a result of tougher mortgage qualification requirements, is a stronger move-up market.

Two examples back this point up. In October the southwest MLS® zone which had an average residential-detached sale price of over $400,000 saw sales increase this October while all the other more affordably priced MLS® zones ,including the rural MLS® areas outside Winnipeg, were either seeing fewer sales or flat in residential-detached sales activity.

Another example of stronger move- up activity this year is the significant difference in million dollar plus sales compared to the previous three years. For the first ten months there have been 45 sales in total, 40 residential-detached sales and 5 condominium sales. This compares to a total of 27 in 2016 and 20 in both 2015 and 2014.

“Our market may experience move-up sales activity than normal until the end of 2017 given that The Office of the Superintendent of Financial Institutions (OSFI) just approved a new stress test on federally regulated mortgage lenders with respect to insured mortgages commencing January 1, 2018,” Sonnichsen said. “Similar to last year’s higher qualification requirement on insured mortgages which has heavily impacted first-time buyers, this new guideline will affect move-up buyers more and will limit their ability to qualify for higher-priced homes. They must meet the minimum qualifying rate for an uninsured mortgage which is the higher of either the five-year Bank of Canada rate or one that is 2 percentage points higher than their contractual mortgage rate.”

Helping some Manitobans feel confident about advancing their buying decision now before this new stress test kicks in is the recent good news of job gains for Manitoba. Statistics Canada reported the Manitoba economy added 4,000 new jobs in October and as a result had its unemployment rate drop to 5.2 per cent, second only to British Columbia at 4.9 per cent.

Further, October 2017 MLS® sales activity reported prevalent condominium sales in the under $200,000 price range. These sales represented 44% of total condo sales. In comparison sales under $200,000 for the residential-detached property type were 16%.

“Whatever price range you are looking to buy in, you need to be calling a REALTOR®- a market expert who will help you navigate the ever changing real estate environment and real estate financing” said Marina R. James, CEO of WinnipegREALTORS®.

The Tony Marino Team

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